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Tesla Has Already Delivered 1,000 Ventilators To Help Hospitals Fight Pandemic, California Governor Says

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Tesla Has Already Delivered 1,000 Ventilators To Help Hospitals Fight Pandemic, California Governor Says

Tesla Inc. (NASDAQ: TSLA) has already delivered 1,000 ventilators to aid in the fight against novel coronavirus (COVID-19) outbreak, California Governor Gavin Newsom said in his address late Monday.

What Happened

"I told you a few days ago that [Tesla CEO Elon Musk] was likely to have 1,000 ventilators this week," Newsom said. "They've arrived in Los Angeles."

Musk, who also heads the Space Exploration Company, or SpaceX, earlier in the day said that the company expected to have over 1,200 ventilators ready by the end of this week. "Getting them delivered, installed & operating is the harder part," he added. The Tesla CEO had previously announced plans of making ventilators like week, adding that "there will not be a shortage by the time we can make enough to matter." Musk also held discussions with medical equipment maker Medtronic PLC (NYSE: MDT) over the weekend.

Tesla had to shut down production at its Fremont factory last week due to shelter-in-place orders from local authorities in the wake of the COVID-19 outbreak.

Why It Matters

President Donald Trump on Sunday authorized automakers, including Ford Motor Company (NYSE: F), General Motors Company (NYSE: GM), and Tesla, to make ventilators and other metal products.

At least 46,371 coronavirus cases have been confirmed in the United States, including 585 deaths, according to data from Johns Hopkins University. Ventilators are required particularly for high-risk populations including the elderly and people with underlying health conditions, who develop severe symptoms after contracting COVID-19 and face difficulty breathing.

Price Action

Tesla's shares closed 1.58% higher at $434.29 on Monday. The shares traded 2.55% higher at $445.38 in the after-hours session.

 

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